With this year’s dearth of tech IPOs and rise of huge late-stage VC rounds, Square’s upcoming public offering will be thrust into the spotlight as an example of what these highly valued and well-funded companies may expect from public markets; the outlook isn’t very promising. A midpoint pricing of $12 per share would give Square a market cap of $3.9 billion, a stark drop from the $6 billion valuation it recently commanded with its $180 million Series E financing. Results from recent tech IPOs don’t paint a great picture either. Pure Storage’s stock, for example, closed its opening day down 5.8%, and it too saw a step-down from its last private valuation of $3.6 billion to initial market cap of $3.1 billion.
Below is our latest datagraphic that highlights Square’s journey to its IPO and includes important details of the offering.